Bar Harbor Bankshares Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bar Harbor Bankshares has submitted its 2023 10-K report detailing financial performance and corporate structure.</b>

AI Summary

BAR HARBOR BANKSHARES (BHB) filed a Annual Report (10-K) with the SEC on March 11, 2024. Bar Harbor Bankshares filed its 2023 Form 10-K on March 11, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Maine and operates under SIC code 6022 (State Commercial Banks). Key financial data points such as Interest and Dividend Income Operating, Interest Expense, Profit Loss From Real Estate Operations, and Noninterest Income are referenced. The filing includes details on various equity and debt components as of December 31, 2023, and prior years.

Why It Matters

For investors and stakeholders tracking BAR HARBOR BANKSHARES, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bar Harbor Bankshares' financial health and operational results for the fiscal year 2023, crucial for investors and stakeholders to assess performance. The detailed financial disclosures, including revenue streams and balance sheet items, are essential for understanding the bank's stability and growth prospects in the current economic climate.

Risk Assessment

Risk Level: low — BAR HARBOR BANKSHARES shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures, indicating a routine update.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Bar Harbor Bankshares' performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-11 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• ME — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• BAR HARBOR BANKSHARES (company) — COMPANY CONFORMED NAME
• 0000743367 (company) — CENTRAL INDEX KEY
• ME (company) — STATE OF INCORPORATION
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-11 (date) — FILED AS OF DATE
• 82 MAIN ST (company) — BUSINESS ADDRESS
• 2076696784 (company) — BUSINESS PHONE

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-11: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial health and operations over the past year.)

SIC Code

Standard Industrial Classification code used to identify industries and sub-industries. (Helps categorize Bar Harbor Bankshares within the financial sector, specifically 'State Commercial Banks'.)

Key Financial Figures

• $2.00 — ich registered Common Stock, par value $2.00 per share BHB NYSE American Secur
• $20.6 million — ted, and their only material asset is a $20.6 million trust preferred security related to the
• $2.0 million — ize in the CRE segment is approximately $2.0 million. Delinquencies within the segment were
• $245.8 million — ommercial portfolio are office loans of $245.8 million which have a pass rating of 86%. Matu

Filing Documents

• bhb-20231231x10k.htm (10-K) — 7992KB
• bhb-20231231xex10d4.htm (EX-10.4) — 126KB
• bhb-20231231xex10d9.htm (EX-10.9) — 93KB
• bhb-20231231xex23d1.htm (EX-23.1) — 3KB
• bhb-20231231xex31d1.htm (EX-31.1) — 9KB
• bhb-20231231xex31d2.htm (EX-31.2) — 9KB
• bhb-20231231xex32d1.htm (EX-32.1) — 5KB
• bhb-20231231xex32d2.htm (EX-32.2) — 5KB
• bhb-20231231xex97.htm (EX-97) — 45KB
• bhb-20231231x10k001.jpg (GRAPHIC) — 12KB
• bhb-20231231x10k002.jpg (GRAPHIC) — 64KB
• bhb-20231231x10k003.jpg (GRAPHIC) — 66KB
• 0001558370-24-002920.txt (&nbsp;) — 35837KB
• bhb-20231231.xsd (EX-101.SCH) — 93KB
• bhb-20231231_cal.xml (EX-101.CAL) — 176KB
• bhb-20231231_def.xml (EX-101.DEF) — 603KB
• bhb-20231231_lab.xml (EX-101.LAB) — 1067KB
• bhb-20231231_pre.xml (EX-101.PRE) — 980KB
• bhb-20231231x10k_htm.xml (XML) — 10351KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 22 ITEM 1B. UNRESOLVED STAFF COMMENTS 32 ITEM 1C. CYBERSECURITY 32 ITEM 2.

PROPERTIES

PROPERTIES 34 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 34 ITEM 4. MINE SAFETY DISCLOSURES 34 PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. 35 ITEM 6. [RESERVED] 37 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 50 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 52 ITEM 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 117 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 118 ITEM 9B. OTHER INFORMATION 118 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 119 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 121 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 121 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 121 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 121 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 121 PART IV. ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 121 ITEM 16. FORM 10-K SUMMARY 124

SIGNATURES

SIGNATURES The Company conducts business operations principally through Bar Harbor Bank & Trust, which may be referred to as the Bank and which is a subsidiary of Bar Harbor Bankshares. Unless the context requires otherwise, references in this Annual Report on Form 10-K to "our Company, "our," "us," "we" and similar terms refer to Bar Harbor Bankshares and its subsidiaries, including the Bank, collectively. 2 Table of Contents PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K (the "Form 10-K" or "Annual Report") that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this Form 10-K the words "believe," "anticipate," "expect," "may," "will," "assume," "should," "predict," "could," "would," "intend," "targets," "estimates," "projects," "plans," and "potential," and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements about our future financial and operating results and plans, objectives, and intentions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of our company to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: deterioration in the financial performance and/or condition of borrowers of the Bank, including as a result of the negative impact of inflationary pressures on our customers and their businesses resulting in significant increases in credit losses and provisions for those losses; the possibility that our asset quality could decline or that we experience greater loan losses than anticipated; increased l

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View this 10-K filing on SEC EDGAR